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MeriStar Hospitality Completes Sale of Seven Hotels
for Aggregate $31.5 Million; Year to date, 14 Hotels
for Total Proceeds of $122.4 million
ARLINGTON, Va., December 18, 2003 — MeriStar Hospitality Corporation (NYSE: MHX), one of the nation’s largest hotel real estate investment trusts (REIT), today announced that it has completed the sale of seven hotels with a total of 1,224 rooms to five separate buyers for aggregate proceeds of $31.5 million.  This brings to 14 the number of hotels sold by the company year to date, with 2,586 rooms, for total proceeds of $122.4 million, or $47,000 per room.  The sales are part of a previously announced plan to dispose of non-core hotel properties and reshape the company’s portfolio.  Proceeds from the sales may be used to reinvest in the company’s core properties, for hotel acquisitions, or to repay senior debt.  

“We continue to make excellent progress on the sale of our non-core assets and are on target with the timeline we previously announced,” said Paul W. Whetsell, chairman and chief executive officer. “We expect to close on 10 to 12 additional properties by the end of January.”

The seven hotels include four hotels in the U.S., each sold to a separate buyer, and three Canadian properties, which were sold as a portfolio to a single buyer.  The properties are:

  • Radisson Schaumburg / 200 rooms, Schaumburg, Ill.
  • Radisson Rochester / 171 rooms,  Rochester, N.Y.
  • Crowne Plaza Portland / 161 rooms, Portland, Ore.
  • Hotel Dallas (formerly Radisson) / 304 rooms, Dallas, Texas
  • Holiday Inn Calgary Airport / 170 rooms, Calgary, Alberta
  • Holiday Inn Metrotown / 100 rooms, Vancouver, B.C.
  • Ramada Vancouver / 118 rooms, Vancouver, B.C.
Total rooms: 1,224 

Arlington, Va.-based MeriStar Hospitality Corporation owns 93 principally upscale, full-service hotels in major markets and resort locations with 24,995 rooms in 23 states, the District of Columbia and Canada.  The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Westin, Doubletree and Radisson.  For more information about 

This press release contains forward-looking statements about MeriStar Hospitality Corporation, including those statements regarding future operating results, the timing and composition of revenues and expected proceeds from asset sales, among others. 

 

 
Contact:
MeriStar Hospitality Corporation
Bruce Riggins
VP, Strategic Planning & Analysis
(703) 812-7223
www.meristar.com
Also See: MeriStar Hospitality Sale of Radisson-Marco Island and Ramada-Clearwater Nets $41.75 Million / Sept 2003
MeriStar Hospitality Corporation Drops Common Share Dividend for the 2002 Fourth Quarter; Sells the 317-room Holiday Inn Select in San Diego, California / December 2002


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